Keywords: cash reserve is reassuring for the next five years 2-20

Keywords: cash reserve is reassuring for the next five years

2/20/2017 0:00

BAGHDAD / Tgb Hussein
said the Iraqi Central Bank Governor Dr. On the Keywords that Iraq surpassed the biggest financial challenges faced in 2016 is pushing for the adoption of a real working mechanisms and Stratejat applied on the ground , contributing to the real multiplicity of financial resources in
Iraq.

Keywords said during a meeting with a number of journalists: that the central and despite a decline in imports of dollar from the sale of crude oil to 70 percent were able to maintain an acceptable level of cash reserves which is estimated with a group of foreign exchange and gold to $ 49 billion, and that covers the outer commitment and is a positive sign there is no problem in this matter, pointing out that it has received praise from specialized international organizations, and the reserve is calculated by the Central and the international Monetary Fund does not accurately raises concern for the next five years.

Exchange rates ,
and pointed out that the exchange rates in the domestic market is still within acceptable limits compared with other countries , did not pass him who lived Iraq during the coming period, pointing out that the central Gannan sell the dollar in 2016 to $ 33 billion versus $ 44 billion compared with the year previous year .

He pointed out that the year 2016 is the most complicated on the financial level , where the fiscal deficit 24 trillion outlets covering the shortfall amounted to was having great difficulty, but was rectify the financial situation , despite the country 's position in the access to external financing could be described as difficult were not we have only specialized international organizations, including the Fund IMF gives green light to get the debt through reports on the country concerned.

Money laundering
Keywords said that the central work of the interest in the subject of money laundering and financing of terrorism ,which is one of the most important to deal with the International Monetary Fund standards and then the fund described toward the Iraqi Central positive, indicating that drew the IMF inflation index , which was brought under control , despite all the challenges faced by Iraq.

And get regular meetings between the specialized financial affairs of Iraq and international organizations in order to stand at the most important developments in Iraq.

The multiplicity of resources
and pointed to the need to work towards the multiplicity of financial resources of the country and no longer be Iraq locked in oil imports , which exposed Iraq to threats in the exposure of any emergency, stressing that the move - out for the development of productive resources and by 5 percent a year is extremely important and reduce the dependence on oil resources a year after else.

Keywords between, that previous budgets have not developed real industrial, agricultural and tourist sectors of the economy and the creation of this economic model have negatively impacted in fact, that the normal current economic cycle is not developing the national economy , where dependence on foreign imports.

Central initiative
and he pointed out that the central initiative to allocate $ 6 billion in light of the financial situation is difficult to productive and service sectors targeted for the activation of the production process and address the core of the economic problem in Iraq, pointing out that this initiative collided institutional reality that could not actually be invested on the ground, indicating we from which we have given messages that the Iraqi economy is able to get up.

The danger zone
and stressed that the central dish for 90 percent of international standards , which is 45 standard and we were able to force through the gray area to the Foreign - up area and we moved away from the area of danger.

And sell the dollar , he said: The Central is related to the compliance with international rules and we have developed programs sell the dollar has been appointed international offices for that matter and foreign transfers, noting that the sale of the dollar unearned legitimize and is based on the Central Bank Law.

Islamic banks
in question "morning" on opening up to the granting of approvals for Islamic banks among the Keywords that a lot of people want to deal with this type of banks that experience under the spotlight and will be evaluated after a period of time.

He disclosed that the Central is able to cover Iraq 's international obligations and financing of foreign trade, stressing that Iraq 's reserve currency within the standards, and that the bank also covers the local currency by a large margin. "